Battle brews over director for new Consumer Financial Protection Bureau
Author: Jim Puzzanghera, Los Angeles Times
Jul 22, 2010
"President Obama reversed decades of lax oversight of the financial industry Wednesday by signing a landmark overhaul of regulations, but he still faces a major task - appointing a director for the powerful new agency charged with protecting consumers from unscrupulous deals.
The law dramatically toughens oversight of the industry, from Wall Street's executive suites to the Main Street storefronts of mortgage brokers and payday lenders.
But it is the Consumer Financial Protection Bureau that will have the most direct effect on average Americans by creating rules to help ensure that bankers and other financial firms treat their customers fairly."
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Between the end of 2007 and the end of 2009, household net worth in the United States declined from $64 trillion to $54 trillion.
